One of the most prevalent and enduring types of stress is financial stress. Managing money has been especially difficult with the relentless financial constraints over the past couple of years: A global pandemic, a potential recession and persistently high prices. When keeping up with finances doesn’t go well, it seems like nothing else does either.
Inflation can cause individuals to feel stressed about spending and the general state of the economy. Among survey participants who cited the economy as the primary cause of their stress, specific economic factors listed were:•Not having enough discretionary spending money Previous findings indicated that younger generations were the most stressed, but that title has since shifted to middle generations. One reason could be that middle generations may be caring for both children and older parents, putting them in a more vulnerable position to be affected by high prices.Inflation/rising prices is a top financial stressor among all races/ethnicities.
•Track spending with a budget. Writing out a budget and keeping track of expenses can give you a concrete idea of how much you’re spending and what you need to pay for. There are also budgeting apps that can do some of the menial work of making a budget for you. Having a budget can help you stay prepared for upcoming payments and feel more in control of your finances.
•Your bank: Many banks offer counseling services or financial advice. Reach out to see if there’s someone at your bank who can help you manage your finances.